Joint account
Also called Joint bank account
A bank account held in the names of two or more people, run according to the operating mode they choose, such as 'either or survivor'.
A joint account is a bank account in two or more names. The operating mode, such as “either or survivor” or “former or survivor”, decides who can use it and who is paid if a holder dies. Couples often use one for shared bills: see couples financial planning. Add a nominee too, since the nominee’s right applies once all holders have died.
Questions people ask
What is a joint account?
A bank account held by two or more people, such as a married couple or a parent and child. The holders choose an operating mode when opening it, which decides who can run the account and who is paid if a holder dies.
What does 'either or survivor' mean?
It is a common joint account mode. Either holder can operate the account, and if one holder dies, the bank can pay the balance to the survivor. RBI's 2025 directions on settling deceased customers' claims treat such payment as a valid discharge of the bank's liability, once identity and death are verified.
Does a nominee get the money in a joint account?
Only after all the joint holders have died. RBI's 2025 directions say that in a joint deposit account, with or without a survivorship clause, the nominee's right arises only after the death of all the depositors.
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